IMF to hand Cyprus more bailout cash

IMF to hand Cyprus more bailout cash
Image via Google Maps

Bailed-out Cyprus is to receive another €126m from the International Monetary Fund, which says the island nation’s reform programme continues to be “a success”.

The IMF said total disbursements so far amounted to around €882m from a contribution of around one billion euros.

Another €9bn is being provided by the European Union’s bailout fund.

IMF deputy managing director Mitsuhiro Furusawa said Cyprus’ economy fared better than expected in the first half of the year.

But he urged more efforts to deal with a huge number of bad loans, cautious spending because of high public debt and speedier privatisations.

Cyprus’ March 2013 rescue deal included a grab of uninsured deposits from its two biggest banks.

More in this Section

Insurance costs forces another children's activity centre to 'hit the wall'Insurance costs forces another children's activity centre to 'hit the wall'

Business movers: The biggest appointments in Irish business this weekBusiness movers: The biggest appointments in Irish business this week

Savoy Cinema owner objects to developer’s planSavoy Cinema owner objects to developer’s plan

Apple Pay may be scrutinised by EU’s VestagerApple Pay may be scrutinised by EU’s Vestager


Lifestyle

Concerns about people’s ability to access their own money have been growing – here’s what the debate is all about.Are we actually going to end up as a cashless society?

Esther N McCarthy mixes it up with spins on kitchen classics, Munster-based design news plus an absolute diamond of a poufMade in Munster: Wish list of the best products in the province

Clodagh Finn visits UCC’s world-leading microbiome centre, where researchers are exploring new ways to use intestinal bacteria to improve our mental and physical health, including the possibility of developing a probiotic capsule to help control weightMade in Munster: Harvesting power of gut bacteria

More From The Irish Examiner